The pandemic provoked a crisis in many industries, including FinTech. Due to quarantine measures, banks, credit institutions, and insurance companies had to close their branches temporarily. Despite the obstacles, the new realities have become an incentive for the financial industry development, financial software development, and digital services. Since the outbreak of the pandemic, 42% of Americans have used at least one FinTech platform. People are downloading financial software 26% more often. To stay in the market and provide customers with relevant digital services, organizations are catching up with the wave of changes, modernizing their businesses. Let’s consider FinTech trends that determine the development of the industry in 2022.
FinTech industry statistics in 2021-2022
The consulting company Accenture has analyzed the state of FinTech during the pandemic. It predicts that companies that have already invested in digital platforms, those ambitious businesses having the right tools and reliable partners are more likely to become market leaders.
According to Venture Scanner, investments in FinTech in 2021 grew by 144% compared to 2020. The consulting company BCG has found that in 2021, there were three times as many startups launched globally as in 2019. Moreover, the maximum number of projects (10,605) was in North America.
Considering these trends, research organizations like Research and Markets predict that the global FinTech market will grow to $31.5 billion by 2026. This is almost four times more than six years earlier.
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